The Scenario
Banks need secure, fast, simpler and scalable solutions (compliant with RBI guidelines) for customer on-boarding, to ensure they neither lose interest from potential customers nor increase the inherent identity risk in their portfolio. For the financial sector, until a 2018 ban by the Supreme Court on use of Aadhaar-based KYC by Regulated Entities, Digital KYC was an efficient means of streamlining their onboarding process. Paperless, cost-efficient, and highly productive – the benefits were significant. RBI later amended its master direction on KYC norms in 2019, allowing regulated entities to open new accounts using Aadhar verification, with consent from the Aadhaar card holder.
More recently, in January 2020, India became the first country to allow Video based KYC identification of customers of Regulated Entities (REs). If done right, Video KYC verification can make the entire process of account opening and enrollment seamless, faster, simpler and more secure, without compromising on the quality of customer information. All of these are key (and possibly the only) ingredients to success in challenging times like we face today. If one ever had a doubt about conducting KYC remotely, #COVID19 has reminded us that digital is as powerful as physical – from office meetings to operational processes.
The Challenges Today
To continue to move forward with our businesses, while maintaining social distance today, Video KYC is the perfect answer to day-to-day operational challenges faced by most banks, NBFCs, Telecom companies and more. It enables digital customer identification process through algorithmically designed and managed video sessions. There are no more physical documents or scheduled visits – there is sufficient masking of data so that your agents don’t have to wear masks.
The Solution
Kwik.ID by Think Analytics is a lightweight plug-and-play Digital and Video KYC solution is 100% compliant and allows REs to conduct Video-based Customer Identification process. From on-boarding to ongoing authentication, Kwik.ID can digitize your customer identification and verification processes. Kwik.ID is packed with cutting edge artificial intelligence, computer vision, big data analytics, and smart workflow design features
Functional and Operational Benefits:
- Seamless: Works across multiple OVDs.
- Live Photos: It enables banks to take a live customer photo along with proof of possession of OVDs as evidence of identity and address to complete the KYC process
- Geo-tags: Live geo-tagging of customers’ location
- Face Match: Match images across different OVDs, Selfie, etc
- Audit Records: Record for concurrent audit by RE
- Efficient: Reduces substantial amount of time and expenditure for banks by eliminating paperwork
- Effective: Complete customer onboarding in 2-3 minutes
Technical Benefits:
- Customer Experience: Instant customer onboarding using Artificial Intelligence (AI)
- Error Reduction: Reduces the risk of human errors by using Optical Character Recognition (OCR) functionality
- Secure: Eliminates the chances of frauds and forgery of documents
- Multi-platform: Accessible on any kind of device – laptop, smartphone or tablet
- Secure Records: All the interactions during Video KYC are recorded and stored for future reference
- Smart Scheduling: Workflow load balancer for agent productivity management
Additionally, you can get real-time verification and authentication of Officially Valid Document (OVD) like Aadhaar, PAN, Voter ID, Driver’s License, etc. with a registered database. Meanwhile, our Optical Character Recognition (OCR) further speeds up the customer on-boarding process by digitizing the OVDs.
And come to think of it, we are just getting started. Video KYC can pave the way for a whole new era of video-driven customer engagement. #SocialDistancing or not!
To know more about how to get started with Digital/Video KYC using Kwik.ID, please write to info@getkwikid.com